Birla was a nominated as a member of the Directors of the Central Board of the RBI in 2006. His group firm Aditya Birla Nuvo is among 26 entities that have applied for a bank licence. The last date for applying for a bank licence expired on July 1.

With Birla continued to be on the Board of RBI even after his group firm applied for a licence. CPI had recently raised objections, saying there is conflict of interest as he is a member of the RBI board.

RBI Governor D Subbarao had responded by saying the central bank would look into the issue. The Reserve Bank is expected to grant new licences by March next year.